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(Kitco News) - Gold prices are modestly up and hit another five-month high in early U.S. trading Wednesday. The yellow metal is boosted by safe haven demand amid a rise in geopolitical tensions and from chart-based buying due to an increasingly bullish technical posture. Silver bulls are also back in business as prices this week have made a solid rebound from recent selling pressure.June Comex gold was last up $3.10 an ounce at $1,277.30. May Comex silver was last up $0.101 at $18.355 an ounce.

Geopolitical risks are still keeping traders and investors worldwide tentative, and thatâ€™s bullish for gold. The U.S. Navy has warships headed for waters off the Korean peninsula. North Korea has vowed to retaliate. President Trump has just tweeted: â€śNorth Korea is looking for trouble.â€ť Meantime, U.S. and Russian government officials are meeting Wednesday to discuss the Syrian government. The U.S. wants Syrian leader Assad out, while the Russians support him.

The key outside markets on Wednesday morning see the U.S. dollar index trading near steady. The greenback bulls have the overall near-term technical advantage. Meantime, Nymex crude oil prices are firmer and near a four-week high. The oil bulls have the overall near-term technical advantage.

Technically, June gold futures bulls have the firm overall near-term technical advantage. Bullsâ€™ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at this weekâ€™s low of $1,248.20. First resistance is seen at the overnight high of $1,281.80 and then at $1,290.00. First support is seen at $1,268.10 and then at $1,264.20. Wyckoffâ€™s Market Rating: 6.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver bulls have regained upside momentum and have the overall near-term technical advantage. Silver bullsâ€™ next upside price breakout objective is closing futures prices above solid technical resistance at the February high of $18.54 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.50. First resistance is seen at last weekâ€™s high of $18.49 and then at $18.54. Next support is seen at $18.00 and then at this weekâ€™s low of $17.735. Wyckoff's Market Rating: 6.0.